Dialectic tensions in the financial markets: a longitudinal study of pre- and post-crisis regulatory technology

This article presents the findings from a longitudinal research study on regulatory technology in the UK financial services industry. The financial crisis with serious corporate and mutual fund scandals raised the profile of compliance as governmental bodies, institutional and private investors introduced a ‘tsunami’ of financial regulations. Adopting a multi-level analysis, this study examines how regulatory technology was used by financial firms to meet their compliance obligations, pre- and post-crisis. Empirical data collected over 12 years examine the deployment of an investment management system in eight financial firms. Interviews with public regulatory bodies, financial institutions and technology providers reveal a culture of compliance with increased transparency, surveillance and accountability. Findings show that dialectic tensions arise as the pursuit of transparency, surveillance and accountability in compliance mandates is simultaneously rationalized, facilitated and obscured by regulatory technology. Responding to these challenges, regulatory bodies continue to impose revised compliance mandates on financial firms to force them to adapt their financial technologies in an ever-changing multi-jurisdictional regulatory landscape

Layered ferromagnet-superconductor structures: the π\pi state and proximity effects

We investigate clean mutilayered structures of the SFS and SFSFS type, (where the S layer is intrinsically superconducting and the F layer is ferromagnetic) through numerical solution of the self-consistent Bogoliubov-de Gennes equations for these systems. We obtain results for the pair amplitude, the local density of states, and the local magnetic moment. We find that as a function of the thickness $d_F$ of the magnetic layers separating adjacent superconductors, the ground state energy varies periodically between two stable states. The first state is an ordinary "0-state", in which the order parameter has a phase difference of zero between consecutive S layers, and the second is a "$\pi$-state", where the sign alternates, corresponding to a phase difference of $\pi$ between adjacent S layers. This behavior can be understood from simple arguments. The density of states and the local magnetic moment reflect also this periodicity.Comment: 12 pages, 10 Figure